Working Paper
The Performance of Secondary Buyouts
Buyout funds increasingly sell their portfolio companies to other buyout funds. These secondary buyouts (SBOs) underperform primary buyouts. Yet,...
Read moreIndexing Executive Compensation Contracts
We analyze the efficiency of indexing executive pay by calibrating the standard model of executive compensation to a large sample of US CEOs. The...
Read moreCorporate donations and shareholder value
Do corporate donations enhance shareholder wealth or reflect agency problems? We address this question for a global sample of firms whereby we...
Read moreTechnology and Corporate Governance: Blockchain, Crypto, and Artificial Intelligence
Over recent decades, the on-going “digital revolution” has transformed many aspects of everyday life. Think of the increased power and shrinking...
Read moreHigher Purpose, Incentives and Economic Performance
How does organizational higher purpose affect employee behavior and firm output? We develop an optimal-contracting model which shows that pursuing...
Read moreLimited managerial attention and corporate aging
As firms have more assets in place, more of management?s limited attention is focused on managing assets in place rather than developing new growth...
Read moreCEO Tenure, Performance and Turnover in S&P 500 Companies
The centrality of the CEO is reflected in the empirical literature linking CEO turnover to poor firm performance. However, less is known about the...
Read moreThe Rise of Independent Directors in the United States, 1950-2005: of ShareholderValue and Stock Market Prices
Between 1950 and 2005, the composition of large public company boards dramatically shifted towards independent directors, from approximately 20%...
Read moreWhy CEO Option Compensation Can be a Bad Option for Shareholders: Evidence from Major Customer Relationships
We study how the existence of important production contracts affects the choice of CEO compensation contracts. We hypothesize that having major...
Read more